Investor Presentation

December 2016 Forward-Looking Statements Statements in this presentation that are not historical facts are "forward-looking" statements and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission and any amendments thereto. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company’s expectations regarding its ability to meet its financial and strategic goals, the Company’s ability to further grow its portfolio on an accretive basis and the Company’s expectations with respect to future rent growth, including potential rent from the ROFO properties. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the Company’s ability to receive, or delays in obtaining, any regulatory approvals required to own its properties, or other delays or impediments to completing the Company’s planned acquisitions or projects, including any acquisitions of properties from MGM Resorts International (“MGM”); the ultimate timing and outcome of any planned acquisitions or projects; the Company’s ability to maintain its status as a REIT; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the Company’s ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to the Company; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in the Company's public filings with the Securities and Exchange Commission (the “SEC”). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements. In addition, the Company has included certain historical information in this presentation related to the Company and MGM, including historical information related to the Company’s and MGM’s business, financial condition and results of operations. The delivery of this presentation is not intended to and does not create any implication that there have been no changes to the Company’s or MGM’s affairs since the date of any of the historical information provided. Market and Industry Data This presentation also contains estimates and information concerning the Company’s industry, including market position, rent growth and rent coverage of the Company’s peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the “Risk Factors” section of the Company’s public filings with the SEC. Non-GAAP Disclaimer This presentation includes certain financial measures, such as MGM’s Adjusted EBITDA and MGM’s Adjusted Property EBITDA, which are not calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Management recommends that you focus on the U.S. GAAP numbers as the best indicator of financial performance. These alternative measures are provided only as a supplement to aid in your analysis. MGM uses Adjusted EBITDA and Adjusted Property EBITDA as the primary profit measure for its reportable segments. Adjusted EBITDA is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense related to MGM’s stock option plan, not allocated to each casino resort. Adjusted EBITDA or Adjusted Property EBITDA should not be construed as an alternative to operating income or net income, as an indicator of MGM’s performance; or as an alternative to cash flows from operating activities, as a measure of liquidity; or as any other measure determined in accordance with generally accepted accounting principles. MGM has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA or Adjusted Property EBITDA information may calculate Adjusted EBITDA or Adjusted Property EBITDA in a different manner. Please see the Appendix for a reconciliation of MGM’s Adjusted EBITDA and Adjusted Property EBITDA to net income (loss) and of MGM’s operating income (loss) to Adjusted Property EBITDA and Adjusted EBITDA, all as reported by MGM.

1 MGM Growth Properties Operating Partnership

• Publicly traded REIT engaged in owning, acquiring and leasing high-quality leisure, entertainment and hospitality assets with one of the largest portfolios of premier assets on the Las Vegas Strip based on hotel rooms and convention square footage • Assets leased to MGM Resorts creating $650 million of pro forma revenues as part of a long-term triple net master lease (including Borgata)

• Additional built-in growth opportunities in ROFO assets, MGM National Harbor and MGM Springfield

Geographic Overview

1 1

2 2

Detroit, MI Atlantic City, NJ 3 3

Las Vegas 4 4 Tunica, MS

5 1

Biloxi, MS 6 2

2 Master Lease Provides Stable Income Plus Embedded Growth

Master Lease  All properties subject to lease are cross-defaulted / guaranteed Parent Guarantee  MGM Resorts guarantees all of the Tenant’s obligations under the Master Lease  $650mm total year one rent  Fixed rent component: $585mm – Subject to automatic annual escalator of 2.0% through 2021, generating >$60mm of rent growth – Thereafter, 2.0% escalator is subject to revenue to rent coverage at MGP assets of Stable Rent Structure with 6.25x or greater Embedded Long-term Growth  5 year adjustable rent component: $65mm – This $65mm component will not change through 2021 – In 2022, this adjustable component resets to 1.4% of trailing five year average property revenues – Provides long-term rent growth in line with property performance

 30 year term Long-Term Lease – 10 year initial term – Four 5-year extensions at MGM Resorts’ option

 Tenant is responsible for acquisition, maintenance, operation and disposition of all (including Triple Net gaming) FF&E and personal property required for operations

 All capital expenditures are the responsibility of Tenant, REIT has no capital expenditure Capital Expenditure requirements

ROFO  Right of first offer on MGM National Harbor and MGM Springfield

3 Acquisition Of The Real Property Of The Borgata

Transaction Overview Portfolio Pro Forma

. MGP funded the acquisition with approximately $260 Dec. 31, 2015 Pro Forma million of cash, $295 million of borrowings under its # of 10 11 revolver, and the issuance of ~27 million OP units to Properties a subsidiary of MGM Resorts # of States 34 # of Hotel . Pro forma net leverage remains consistent with target 24,466 27,233 levels between 5x and 5.5x Rooms Meeting / . High single digit percentage accretion to AFFO per Convention ~2.5 million sq. ft. ~2.6 million sq. ft. share of MGP Space

. Consistent with this accretion, MGP increased annual 2015 Revenue Diversification Pro Forma dividends by $0.12 per share to $1.55 beginning in the third quarter of 2016 Regional LV Luxury . Borgata added into the in-place Master Lease with 41% Borgata Mandalay 32% 17% MGM Resorts Bay Gold Strike 20% . Pro forma, increases rental income by 18% from 4% Beau $550 million to $650 million (prorated for the Rivage Mirage remainder of the first lease year) 8% 12% MGM Monte Detroit NY-NY Carlo Luxor 12% 7% 6% 8% LV Excalibur Upscale / 6% Midscale 27% 4 ROFO Assets − National Harbor (Washington, D.C. Area)

Hollywood Baltimore WV Casino Horseshoe Casino Charles Town Maryland Live! Casino

DC NationalNational HarborHarbor DE

Key Competitors

Project Highlights

 Project Cost: ~$1.4 Billion  93,100 sq. ft. of retail & dining

 Opening Date: December 8, 2016  3,000-seat theatre

 Location: On the Potomac River just outside of Washington  4,700-space parking garage D.C  Additional Amenities: Luxury spa, roof-top pool  Hotel with 300 rooms

 Casino with over 3,300 slots and approx. 160 tables (1)

 Meeting & Event Space: 50,000 sq. ft. ______Source: MGM Resorts International public filings (1) Includes Poker Tables 5 ROFO Assets − MGM Springfield

NH NY VT Albany Rivers Mohawk MA Everett Wynn Boston SpringfieldSpringfield Plainridge Park Twin River Providence Hartford RI CT Newport Grand Foxwoods PA Mohegan Sun

NJ Other Casino Properties New York Planned Casino Projects

Project Highlights

 Project Cost: ~$865 million  Hotel with 250 rooms

 Opening Date: Late 2018  100,000 sq .ft. of retail and dining

 Location: 14 acres of land in downtown Springfield,  3,375-space parking garage MA  Meeting & Event Space: ~44,000 sq. ft.  Casino with approx. 3,000 slots and 100 tables (1)

______Source: MGM Resorts International public filings (1) Includes Poker Tables 6 Premier Tenant in MGM Resorts

Leading global integrated resort operator Additional MGM assets supporting guarantee

 Extensively vetted and globally diversified across all high-quality gaming jurisdictions

 Experienced management team with extensive operations background

 Portfolio of highly recognized and iconic brands in the industry

 Highly profitable

 Currently operates 17 highly recognized, iconic properties1

 Additional interests in joint ventures

 Twelve months ended June 30, 2016 Consolidated Net Revenues of $9.0bn and Adjusted EBITDA of $2.6bn

 M Life loyalty program provides significant customer database

 MGM’s future and reputation depends heavily on the continued success of all existing assets

______Source: Company filings as of 6/30/16 (1) Represents 14 properties (including MGP properties plus Bellagio, MGM Grand, and Circus MGM Macau MGM Cotai Circus Las Vegas), CityCenter, MGM China and T-Mobile Arena 7 Corporate Rent Coverage

Corporate EBITDAR plus Dividends and Distributions (1) $2,205 $2,008 $1,883 $1,739 $1,596 $1,325 $1,383 $1,345 $1,203 ($ in millions)

(4) 2008 2009 2010 2011 2012 2013 2014 2015 LTM 6/30/16

Corporate Rent Coverage (2) (3) 4.0x 3.7x 3.4x 3.2x 2.9x 2.4x 2.5x 2.4x 2.2x

(4) 2008 2009 2010 2011 2012 2013 2014 2015 LTM 6/30/16 ______(1) Adjusted EBITDA reported by MGM related to domestic resorts, Management and other operations, Corporate plus Dividends and Distributions received by MGM and excludes stock-based compensation. (2) MGM’s Corporate Rent Coverage Ratio is calculated by dividing (a) the sum of Adjusted EBITDA as reported by MGM related to domestic resorts, management and other operations, and corporate (excluding stock-based compensation), plus dividends and distributions received by MGM from CityCenter, Borgata, Grand Victoria and MGM China, by (b) year one rent under the Master Lease of $550.0 million (excludes Borgata). (3) The numerator to the Historical Corporate Rent Coverage Ratio includes $60.7 million, $93.9 million, $339.3 million, $60.5 million, $225.9 million, $328.5 million, $405.2 million, $535.1 million, and $635.3 million of special and ordinary dividends and other cash distributions actually received by MGM from CityCenter, Borgata, Grand Victoria and MGM China for the years ended December 31, 2008, 2009, 2010, 2011, 2012, 2013, 2014 and 2015, and LTM 6/30/16 respectively. Dividends and distributions are made at the discretion of each relevant entity’s board of directors or similar body, and depend on several factors, including financial position, results of operations, cash flows, capital requirements, debt covenants, and applicable law, among others. Accordingly, historical dividends and distributions may not be indicative of future dividends or distributions and should not be relied upon as an indicator of MGM’s corporate rent coverage ratio for future periods. MGM’s corporate rent coverage ratio excluding dividends and distributions received by MGM from CityCenter, Borgata, Grand Victoria and MGM China was 3.3x, 2.2x, 1.9x, 2.1x, 2.0x, 2.3x, 2.4x, 2.7x, and 2.9x for the years ended December 31, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, and LTM 6/30/16 respectively. Since the 2008 recession, the lowest annual MGM corporate rent coverage ratio (excluding dividends and distributions received by MGM from CityCenter, Borgata, Grand Victoria and MGM China) was 1.9x. (4) The Corporate EBITDAR plus Dividends and Distributions and Corporate Rent Coverage calculations do not give effect to MGM’s acquisition of the Borgata operations or the Company’s acquisition of the real estate assets associated with the Borgata (and subsequent amendment of the Master Lease). 8 Portfolio Anchored by Las Vegas Strip Destination Entertainment Resorts

Stratosphere W E To Downtown

Limited new supply expected in the near term Sahara Ave. S Rock in Rio  Limited availability of desirable land SLS Fontaine‐ Circus Circus bleau

 Significant cost and time required to develop LVCVA Site Pkwy.

Misc. competitive premier resorts Genting Land Parcels Las Vegas Convention Center Misc. Parcels Maryland Alon Land Trump The portfolio includes integrated resorts featuring Encore Fashion Show Wynn gaming, entertainment, premium lodging, extensive Mall Wynn Las Vegas Golf Treasure Island Palazzo The Mirage Expo Rd.

convention facilities, retail and more Venetian

 Harrah’s Paradise / The LINQ Caesars  Quad Palace  Flamingo  Cromwell

Properties are well positioned and collectively have Flamingo Ave.

Bally’s a leading share in a strong Las Vegas market Bellagio

Paris

Cosmo Lane

Market characterized by steady economic growth Koval CityCenter Planet and high consumer and business demand Hollywood Harmon Ave. Monte Carlo MGM Grand T‐Mobile NY, NY MGM Growth Properties Arena Tropicana Ave. Excalibur Tropicana MGM Resorts Las Vegas Luxor McCarran International Airport Blvd.

Mandalay Vegas Bay ______Las Source: Wall Street Research; Note: Not drawn to scale. 9 Las Vegas Visitation Ahead of Peak Levels…

2007 to 2015 Las Vegas Visitation ('000)

Las Vegas Visitation is 8% ahead of 2007's peak 42,312

39,197

36,351

2007 2008 2009 2010 2011 2012 2013 2014 2015

• Las Vegas visitation trends continue to improve • 2015 is significantly ahead of 2007’s peak • This positive trend continues into 2016

______Source: LVCVA 10 … With Limited Room Supply Growth Over Next Several Years

Las Vegas vs. U.S. Room Supply (Indexed) 125 Las Vegas Supply U.S. Supply

120

115

110

105 2007 - 2015 CAGR 2015 - 2018F CAGR Las Vegas 1.5% 100 Las Vegas 0.4% U.S 1.3% U.S 2.2%

95 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2018F

• Over the next several years Las Vegas is expected to have limited room supply growth while U.S. lodging supply is expected to continue to expand • This will be an additional contributing factor that will allow Las Vegas to grow its RevPAR share premium to the U.S. over the next several years ______Source: U.S. historical data Smith Travel Research, U.S. Forecast PKF; Las Vegas data LVCVA (Resort World 50% 2018 based on current probability of completion) 11 Long-Term Strategy

$60+ million or ~$0.25 (1) per Share  MGM National Harbor: of contractual rent growth $1.4 billion development through the first six years of lease Contractual ROFO opening December 8, 2016 Rent Assets Escalators  MGM Springfield: $865 million development opening late 2018

 Opportunity to acquire Potential opportunities additional gaming Existing MGM  The Park theater properties from third Asset Class parties Assets, Future  CityCenter and Tenant Acquisitions,  Pursue attractive net lease  Grand Victoria Diversification Development, acquisitions that may be  Bellagio available in leisure, and Expansions  MGM Grand Las Vegas entertainment, hospitality and related sectors  Circus Circus Las Vegas

______(1) Pro forma for the Borgata acquisition, 242.9 million shares outstanding as of 6/30/16 12 Potential Gaming Opportunities

2 ROFO Properties

• Potential Rent: $160 million (1) • National Harbor to open December 8, 2016 • MGM Springfield opening in Late 2018

MGM Wholly Owned, Joint Ventures & Add-ons

• Wholly Owned: Bellagio, MGM Grand and Circus Circus • Joint Ventures: CityCenter, Grand Victoria and T-Mobile Arena • Wholly Owned & Joint Venture Total Potential Rent: ~$570 million (2) • Add-ons: Park Theater, Park MGM (Monte Carlo re-development)

Other Gaming Opportunities

• ~59 Target properties • Total Potential Rent: ~$2.5 Billion+ • Number of owners: 20+ ______(1) Based on 2.0x rent coverage on Consensus Wall Street estimates as of 6/30/16 (2) Based on 2.0x rent coverage on LTM Adjusted EBITDA reported by MGM related to the Bellagio, MGM Grand Las Vegas, Circus Circus Las Vegas and CityCenter Holdings, LLC (excluding Crystals) as of 6/30/16 13 Rent Growth Potential

• Escalators based on 2% annual rent growth on the initial 90% of total rent per the Master Lease for Standalone & Borgata over first 6 years

• MGM National Harbor & MGM Springfield Rental Revenue based on a rent coverage of 2.0x (1)

($mm) $1,200 Total Potential Growth: 86% $150 $1,021 $1,000 $61 $160 $800 $100 $600 $550

$400

$200

$0 FY 2016 PF Borgata ROFOs @ 2.0x Escalators of Additional Potential Total Potential Analyst Estimates Initial + Borgata Acquisitions Rent

______Source: Company filings, Wall Street Research (1) Based on Consensus Wall Street Analyst estimates as of 6/30/16 14 Superior Portfolio and Growth

4.0x Corporate Rent Coverage (1)

1.8%+ Annual Increases Guaranteed through 2022 (2)

Embedded Growth Pipeline through ROFOs

No Annual Lease Expirations

~8.4% Dividend Growth Since IPO

6.4% Dividend Yield (3)

______(1) Please see page 8 for additional details; as of 6/30/16 and excludes the Borgata acquisition (2) Based on 2.0% annual escalator on fixed rent (90% of total rent), compounded through 2022 (3) As of Share Price close on 12/2/2016 15 Industry Leading Rent Growth & Security

Same-Store / Contractual Rent Growth (1) 2Q 2016 Rent Coverage (3) (2)

(2)

______Source: Company filings (1) Realty Income based on same store rent growth as of 3Q 2016; Spirit Realty Capital based on contractual cash rent growth as of 3Q 2016; Gaming & Leisure Properties based on initial rent for Penn National and Pinnacle Entertainment leases assuming rent ratios are met for those portions of rent that have annual escalators; Store Capital and National Retail Properties based on annual lease escalation/rent growth per Company disclosure. MGP based on 2% annual contractual rent increases on 90% of initial rent; VEREIT based on Same Store contractual rental revenue growth as of 3Q 2016; W.P. Carey based on same store ABR growth as of 3Q 2016 (2) Averages exclude MGP (3) The Rent Coverage calculations for each of the peer companies listed in the table are derived from disclosures in such company’s periodic reports with the SEC. These calculations differ from how the Company calculates its Corporate Rent Coverage and such differences may be material 16 Low Lease Turnover Risk

Weighted Average Lease Term (Years) (1) % of Current Rental Revenue Expiring by 2025 (3)

(2) (2)

______Source: Company filings (1) As of most recent Company disclosure; Gaming & Leisure Properties based on weighted average of initial rental payments (2) Averages exclude MGP (3) Based on current annual rent 17 Executing on Growth Trajectory

3Q 2016 vs. 1Q 2016 Dividend / Share Growth (1) Net Acquisition Activity (3)(4)(5) (2)

______Source: Company filings, SNL Financial, Wall Street Research as of 11/14/2016 (1) Realty Income based on dividend paid on 9/15/16 vs. dividend paid on 4/15/16 (2) Averages exclude MGP (3) Net Acquisition defined as acquisition volume less disposition volume (4) Realty Income YTD acquisition volume based on YTD “Investment” which includes acquisitions and development less YTD “Net Proceeds” of sold assets; Spirit Realty Capital YTD Net Acquisition volume based on "Gross Investments" YTD less disposition of "Real Estate Investment" YTD; EPR Properties based on YTD “Investment Spending” plus total consideration and financing provided to OZRE in connection with CNL Lifestyle Properties transaction less YTD disposition proceeds; W.P. Carey YTD Net Acquisition volume based on “Owned Real Estate Portfolio”; National Retail Properties based on disclosed acquisitions YTD less midpoint of year-end disposition guidance (5) Spirit Realty Capital 2016E net acquisition volume based on research estimates; VEREIT acquisition volume based on research estimates, dispositions based on midpoint of guidance; EPR Properties based on midpoint of “Investment Spending” guidance less midpoint of disposition guidance 18 Compelling Relative Valuation

Dividend Yield (1) (2)

______Source: Company filings, SNL Financial, FactSet as of 11/14/2016 (1) Based on Share price close as of 12/2/2016 (2) Averages exclude MGP 19 Superior Portfolio and Growth

4.0x Corporate Rent Coverage (1)

1.8%+ Annual Increases Guaranteed through 2022 (2)

Embedded Growth Pipeline through ROFOs

No Annual Lease Expirations

~8.4% Dividend Growth Since IPO

6.4% Dividend Yield (3)

21 Appendix

22 MGM Supplemental Data Non-GAAP Financial Measures

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA (In thousands) (Unaudited) Twelve Months Twelve Months Six Months Ended Ended Ended (1) June 30, June 30, December 31, June 30, 2016 2015 2015 2016 Bellagio $ 234,189 $ 192,970 $ 395,385 $ 436,604 MGM Grand Las Vegas 178,383 137,856 280,266 320,793 Mandalay Bay 121,325 114,784 203,474 210,015 The Mirage 74,178 68,619 112,475 118,034 Luxor 51,445 40,627 87,169 97,987 New York-New York 61,381 52,209 106,457 115,629 Excalibur 48,831 38,325 82,247 92,753 Monte Carlo 43,120 42,366 85,962 86,716 Circus Circus Las Vegas 26,465 19,191 43,245 50,519 MGM Grand Detroit 83,832 76,351 154,979 162,460 Beau Rivage 50,835 40,105 88,843 99,573 Gold Strike Tunica 26,030 22,584 46,023 49,469 Other resort operations (2) - 1,955 3,441 1,486 Domestic resorts 1,000,014 847,942 1,689,966 1,842,038 MGM China 233,319 280,673 539,881 492,527 Unconsolidated resorts (3) 463,011 160,281 257,883 560,613 Management and other operations 8,487 24,212 37,419 21,694 1,704,831 1,313,108 2,525,149 2,916,872

Corporate (140,006) (100,310) (254,104) (293,800) Stock compensation (20,309) (14,894) (32,125) (37,540) $ 1,544,516 $ 1,197,904 $ 2,238,920 $ 2,585,532

(1) The last twelve months financial data for the period ending June 30, 2016 has been calculated by subtracting the data for the six months ended June 30, 2015 from the data for the year ended December 31, 2015 and adding the data for the six months ended June 30, 2016. (2) Sold in 2015 (3) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences.

23 Calculation of MGM Historical Corporate Rent Coverage Ratio (1)

______(1) MGM’s historical corporate rent coverage ratio is calculated by dividing (a) the sum of Adjusted EBITDA as reported by MGM related to domestic resorts, management and other operations, and corporate (excluding stock- based compensation), plus dividends and distributions received by MGM from CityCenter, Borgata, Grand Victoria and MGM China, by (b) year one rent under the Master Lease of $550.0 million. On August 1, 2016, Borgata was added to the existing Master Lease between the Landlord and the Tenant. As a result, the initial annual rent amount under the Master Lease increased by $100.0 million to $650.0 million, prorated for the remainder of the first lease year. The calculation of MGM’s historical corporate rent coverage ratio does not include the impact of the Borgata Transaction. (2) The historical corporate rent coverage ratio for the twelve months ended June 30, 2016 has been calculated by (a) subtracting the data for the six months ended June 30, 2015 from the data for the year ended December 31, 2015 and adding the data for the six months ended June 30, 2016 and (b) dividing the sum of (a) by year one rent under the Master Lease of $550.0 million. (3) The numerator to the historical corporate rent coverage ratio includes $60.7 million, $93.9 million, $339.3 million, $60.5 million, $225.9 million, $328.5 million, $405.2 million, $535.1 million and $635.3 million of special and ordinary dividends and other cash distributions actually received by MGM from CityCenter, Borgata, Grand Victoria and MGM China for the years ended December 31, 2008, 2009, 2010, 2011, 2012, 2013, 2014 and 2015 and for the twelve months ended June 30, 2016, respectively. Dividends and distributions are made at the discretion of each relevant entity’s board of directors or similar body, and depend on several factors, including financial position, results of operations, cash flows, capital requirements, debt covenants, and applicable law, among others. Accordingly, historical dividends and distributions may not be indicative of future dividends or distributions and should not be relied upon as an indicator of MGM’s historical corporate rent coverage ratio for future periods. In addition, as described in note (1) above, Borgata was acquired by MGM on August 1, 2016. The historic dividends and distributions related to Borgata have not been adjusted as a result of the Borgata Transaction. 24